[2018-07-11] Indian Central Bank Responds About Crypto Restrictions

[maarx]

India’s central bank has responded to a representation about its crypto banking ban. The Supreme Court gave the central bank seven days to reply following a hearing last week of the petition by the Internet & Mobile Association of India against the ban.

https://news.bitcoin.com/indias-central-bank-crypto-restrictions/

India’s central bank, the Reserve Bank of India (RBI), has responded to a representation submitted by the Internet & Mobile Association of India (IAMAI), as directed by the country’s Supreme Court.

Nischal Shetty, the CEO of crypto exchange Wazirx, told news.Bitcoin.com that the representation is “a detailed document explaining blockchain, cryptos and how they function,” noting that it was “made with the belief that if the RBI gets a deep understanding of blockchain and crypto then they may go easy on the ban and think about regulations.”

I too believe if RBI understand the basic of cryptocurrencies, bitcoin and other crypto currencies will be announced as legal in India. What do you think?

[1715663520]

1715663520

[1715663520]

1715663520

[timerland]

I too believe if RBI understand the basic of cryptocurrencies, bitcoin and other crypto currencies will be announced as legal in India. What do you think?

Bitcoin is legal in India already though, is it not? It's a restriction placed on banks, it's not law that says you can't hold or trade bitcoin.

While I too think that the central bank's ban is very unfair, it's very unlikely that just because the benefits of bitcoin is put in front of them, they'll change their stance of the matter. They've probably already conducted extensive research anyways and decided for whatever reason that they want to restrict access to bitcoin and crypto.

It's definitely going to be a hard fight for the exchanges, but they really shouldn't be shut down just like that. Seems like the alternative for the Indian central bank & government would be to lift the restriction on banks dealing with BTC services and put a GST/VAT on top, which really isn't that better than the restriction itself.

[huhhuh18]

Nischal Shetty, the CEO of crypto exchange Wazirx, told news.Bitcoin.com that the representation is “a detailed document explaining blockchain, cryptos and how they function,” noting that it was “made with the belief that if the RBI gets a deep understanding of blockchain and crypto then they may go easy on the ban and think about regulations.”

I too believe if RBI understand the basic of cryptocurrencies, bitcoin and other crypto currencies will be announced as legal in India. What do you think?

I also do propose the same thing. They will reconsider their verdict on crypti and blockchain. What I have realized is that,  many countries are now learning and researching about this new technology and due to that they've for now put a halt on activities. So one day when they get a better understanding of the technology, the green light will be given.